MySuper is part of the Stronger Super[1] reforms announced in September 2011 by the Gillard Labor government for the Australian superannuation industry to replace the previous default funds system with a new default system using low cost and simple superannuation products.
From that date, super funds must also credit employer contributions to a MySuper account, unless if the member has directed the trustee to do otherwise.
The intention of the MySuper system is for market participants to create a range of easily comparable, relatively simple products, which in turn will focus competition on net costs and returns.
The Australian Prudential Regulation Authority (APRA) fosters competition by publishing fee tables and other statistics.
Many funds, such as HESTA and Cbus, have announced that they will simply use their existing default investment option as their MySuper offering – typically Balanced or Growth.
MySuper products are required to offer a standard, default level of life and total and permanent disability (TPD) insurance.